• Oman

    • Oman’s Commerce Ministry Issues Decision to Combat Illicit Trade

    By on July 30, 2023
    Muscat
    Muscat

    Muscat: The Ministry of Commerce, Industry and Investment Promotion issued Ministerial Decision No. 412/2023 on combating illicit in cooperation with government departments concerned trade.

    The decision, which seeks to address the economic and social impacts of illicit trade on business owners and society, was issued in response to appeals from citizens calling for an end to this negative practice that, they said, damaged their interests for years. It will be implemented after 90 days from the date of its publishing in the Official Gazette.

    The decision reflects the ministry’s keenness to eliminate the negative effects of illicit trade on the national economy and local markets.

    The rise in cases of commercial fraud impacted the labour market by introducing unfair competition with entrepreneurs and owners of small and medium enterprises (SMEs), besides facilitating tax evasion and avoidance of standard procedures.

    The decision is a step forward in implementing the executive regulations of the Foreign Capital Investment Law, furnishing an attractive investment environment and streamlining procedures for registering foreign firms, said the minisrtry.

    The decision defines the conditions necessary for issuing approvals, permits and licenses related to investment projects. – ONA

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